Buying a home isn’t a decision to be taken lightly. That’s obviously why so many people stick with renting. Why should you own vs. rent? Let us count the ways…
- Equity. Rent money is money that you’ll never see again. Mortgage payments are essentially still yours, because they slowly increase the percentage of your house that you own.
- Savings. Money put into your home is like putting money in the bank. If you do ever sell, in most cases you can take a large amount from the sale without paying taxes on it.
- Tax Breaks. Not only can you deduct the interest on your mortgage, but also any property taxes and even some costs involved in buying the home.
- Appreciation. Freddie Mac announced in its Conventional Mortgage Home Price Index (CMHPI) that home values rose 8.4 percent from the fourth quarter of 2002 through the fourth quarter of 2003, up from the prior year (fourth quarter of 2001 to fourth quarter of 2002) when the growth rate was 7.6 percent.
- Predictability. Mortgage payments won’t fluctuate like your rent might from year to year. Plus, refinancing to decrease payments is usually an option should interest rates go down.
- Freedom. You own the house. You can remodel, decorate, paint and furnish it any way that you want to. In many cases, projects like these can substantially increase the value of your home and enable you to realize even more financial benefit from ownership.
Did I win you over? Great. Give me a call to find out what’s out there. Your Charleston dream home is waiting for you.